Eurasian Integration and Energy Security in Focus at XVII Verona Eurasian Economic Forum
The XVII Verona Eurasian Economic Forum, held in Ras Al Khaimah, UAE, brought together global leaders and industry experts to explore the dynamics of Eurasian integration and the evolving global energy landscape. Chaired by Igor Sechin, Chief Executive Officer of Rosneft, the forum emphasized the importance of cooperation built on trust and mutual respect to address pressing economic and energy challenges.
In his keynote address, Sechin underscored the enduring importance of fossil fuels in global energy security. He highlighted projections from Bank of America, which estimate that economic growth in developing countries and the expansion of data centers will drive an annual increase of up to 9 million barrels of oil equivalent per day (boepd) in global energy consumption. Meanwhile, renewable energy production is expected to grow by only 2 million boepd, underscoring the ongoing reliance on oil and gas. By 2050, global oil demand is forecasted to rise by 20 million barrels per day (bpd), supported by rising consumption in India and other developing nations.
Sechin further emphasized the need for significant investment in the energy sector. According to OPEC, annual investments in oil production must increase by 50%, reaching $550 billion by 2050, to meet market demands and compensate for the depletion of conventional reserves. He noted that maintaining current oil production levels requires replacing 11% of global production annually, highlighting the growing importance of hard-to-recover reserves.
The forum also tackled the complexities of the global energy transition. Citing research, Sechin questioned the feasibility of achieving net-zero targets, noting that renewable energy capacity would need to increase tenfold by 2050 to 35 terawatts—a figure over four times the world’s current installed energy capacity. He also pointed out that manufacturing electric vehicles produces 35–50% more emissions than traditional vehicles, primarily due to battery production, raising doubts about the efficiency of current “green” technologies.
On a geopolitical level, Sechin highlighted Russia’s contributions to stabilizing global energy markets through initiatives like OPEC+, which helped increase market stability and protect producers’ interests. He also reaffirmed the strategic importance of Eurasian cooperation, noting that Russia’s resource base, valued at $100 trillion, plays a critical role in ensuring long-term energy security for the region and beyond.
The forum’s location in Ras Al Khaimah, UAE, symbolized the successful integration of East and West. His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Saud bin Saqr Al Qasimi, Emir of Ras Al Khaimah, were commended for their leadership and hospitality. Ras Al Khaimah’s dynamic growth—projected to exceed 4% GDP growth over the next three years, according to S&P—reflects its rising significance as a hub for global trade and investment.
Concluding the forum, Sechin highlighted the immense potential for Eurasian cooperation, quoting Sheikh Zayed Al Nahyan: “Unity is the path to strength, honor, invulnerability, and common good.” By facilitating dialogue and collaboration, the forum reinforced its commitment to addressing global energy and economic challenges while fostering sustainable development for the region and the world.